AUD/USD continuing to soften position ahead of RBA quarterly statement, housing data

• Aussie unable to capitalize in unsure markets.
• AUD/USD drifting lower with RBA policy statement due.

AUD/USD couldn't catch a break on Thursday, stepping lower through the day, and is now trading near the day's low at 0.7770 heading into the overnight session. The Aussie has had a bad run lately and is set up to lose against the US Dollar for a second consecutive week, closing lower eight of the past nine consecutive trading days.

The Reserve Bank of Australia (RBA) has their quarterly Monetary Policy Statement today at 00:30 GMT. Markets have been paring back expectations of a rate raise from the RBA, with ANZ no longer anticipating a meaningful rate increase until next year.

 Australia also releases Home Loans and Investment Lending for Homes figures due at the same time as the RBA statement, but these numbers are unlikely to have much impact following the continued disappointment from Australia's central bank.

AUD/USD Technical Levels

Intraday support is pricing in around 0.7770 in off-session trading, with resistance at the nearest swing points of 0.7810 and 0.7827. Longer term, AUD/USD is trading between the 34 EMA and the 61.8% Fibo retracement level, which coincides with the 200-day SMA at 0.7745.

Today's pivot points:
R2: 0.7866
R1: 0.7823
PP: 0.7799
S1: 0.7755
S2: 0.7732